For future reference, Steve Benen at The Maddow Blog has the key charts showing that yes, the stimulus pulled the economy out of a tailspin.
Plus I have a great Q & A with Michael Gruenwald, author of the book about stimulus spending The New New Deal, arguing persuasively that the money was spent more effectively than most people know.
I was only vaguely aware of the Beltway consensus that President Obama’s stimulus was an $800 billion joke. But because I write a lot about the environment, I was very aware that the stimulus included about $90 billion for clean energy, which was astonishing, because the feds were only spending a few billion dollars a year before. The stimulus was pouring unprecedented funding into wind, solar, and other renewables; energy efficiency in every form; advanced biofuels; electric vehicles; a smarter grid; cleaner coal; and factories to make all that green stuff in the U.S.
It was clearly a huge deal. And it got me curious about what else was in the stimulus. I remember doing some dogged investigative reporting—OK, a Google search—and learning that the stimulus also launched Race to the Top, which was a real a-ha moment. I knew Race to the Top was a huge deal in the education reform world, but I had no idea it was a stimulus program. It quickly became obvious that the American Recovery and Reinvestment Act (the formal name of the stimulus) was also a huge deal for health care, transportation, scientific research, and the safety net as well as the flailing economy. It was about Reinvestment as well as Recovery, and it was hidden in plain view.